March canola is up $.90 per metric ton (mt), March soybean oil is up .07 cents/pound, May European rapeseed is up 2.25 euros per mt and April Malaysian palm oil is down 1.24%. March oats are up 1/4 cents/bushel. March crude oil is up $.71 per barrel, March ULSD is up $.0338 per gallon, and the March Canadian dollar is up .00200 at .73415. The March U.S. Dollar Index is down .186 at 97.515 and the February Brazilian real is up .00135 at 0.19095.

The soybean complex extended the weeklong rally in early trade with soybeans taking out Wednesday's high by $.22/bushel at one point. The best gains of the morning have been given up as midday approaches, with profit-taking ahead of the weekend seeming reasonable to expect. Monday's low to Friday's high in soybeans amounted to $.86/bushel. It's worth noting that the rally may have more to do with technical buying following the monthly chart key reversal higher in October than anything. The initial reversal was followed by a pullback in December that filled a breakaway gap that had been left on Oct. 27. With the apparent flow of funds into ag markets this week, soybeans now appear to be resuming the fall rally.

Soybean oil and canola have also given up their best gains of the day after impressive rallies of their own in early trade. That comes even though energy markets are rallying amid a lack of progress out of talks between the U.S. and Iran. With the latter determined to keep its nuclear program, the warnings by the U.S. and Chinese governments for their citizens to leave Iran immediately take on added significance. The historic pattern has been for attacks to occur following the close of trading on Fridays to have minimal impact on markets. Time will tell, but energy markets (and gold) appear to be adding a risk premium.

Stability and bargain hunting have returned to financial markets, with stocks sharply higher along with a 10% bounce in bitcoin. The reduced anxiety has allowed treasury markets and the U.S. dollar to decline as the flight-to-safety bid seems to have disappeared.

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